Determine the discrepancy The manager of Kancha Supermarket needs to verify today'sregister accuracy. The store started with $500 float, processedcustomer payments of $5,840, issued refunds worth $320, andpaid an urgent supplier bill of $280 from the register. Duringclosing, the register shows $5,440. Determine the discrepancyfrom expected balance.

Explanation of Starting FloatThe starting float is the initial amount of money that is placed in the…

Answered: The manager of Kancha Supermarket needs…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 10E: Kelley Company has completed the following October sales and purchases journals: a. Total and post...

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You are tasked to perform cut-off procedures for expenses and its related payable. In testing the completeness/cut-off assertion, what document would you most likely inspect? A. Vendor invoice register 15 days before and 15 days after report date. B. Cash disbursement journal 15 days before and 15 days after report date. C. Accounts payabie subsidiary ledger. D. Purchase journal 15 days before and 15 days after report date.
See the image below. Please provide some solutions so that I can verify that I solved the problem correctly. Question: The overstatement of receivable from Lazaro is
Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).
On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $550, but the accounts receivable subsidiary ledger shows total account balances of $850. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
The following information from Tiny Company’s first year of operations is to be used in testing the accuracy of Accounts Receivable. The December 31, 2015, balance is $28,300. (a) Collections from customers, $48,000 (b) Merchandise purchased, $74,000 (c) Ending merchandise inventory, $31,500 (d) Goods sell at 60% above cost (e) All sales on account Compute the balance that Accounts Receivable should show and determine the amount of any shortage or overage.
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Icon Company provided the following data for the current year: Sales on account Notes received to settle accounts Provision for doubtful accounts Accounts receivable determined to be w orthless Merchandise returned by customer Collections received to settle accoynts Discounts permitted to be taken by customers Collections received in settlement of notes 3,600,000 400,000 90,000 20,000 15,000 2,450,000 45,000 150,000 Prepare journal entries to record the transactions and compute the net realizable value.
The cash register tape for Tamarisk Industries reported sales of $8,103.30.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $59.85. (b) Cash on hand exceeds cash reported by cash register tape by $33.39. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places (b) enter an account title enter a debit amount rounded to 2 decimal…
The cash register tape for Shamrock Industries reported sales of $ 9,207.80. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $ 68.80. (b) Cash on hand exceeds cash reported by cash register tape by $ 37.94. (Round answ to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) swers
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